JOHANNESBURG - The Walter Sisulu University has confirmed that it mistakenly deposited R14 million into a student's account - from the National Student Financial Aid Scheme (Nsfas).

The matter came to light when the student's receipt with a multimillion rand balance was posted on social media and quickly went viral.

The university says the deposit was made five months ago and it's investigating why the student did not say anything. She, though says she reported the matter.

Pictures have also surfaced online showing how the woman splurged on at least one party and luxury goods, including a cellphone.

It is understood that she's already spent nearly R400,000.

University spokesperson Yonela Tukwayo says that the deposit was made in error by a company which administers Nsfas funds to student debit cards.

"We are also looking at the Nsfas rules of which the child did sign an agreement to adhere to the rules in terms of how that money should be used. So the student will be liable to repay every cent of the money spent even if it takes 20 years to do so."

LISTEN: Can WSU get back R14m mistakenly deposited into student’s account?